Turkey's central bank on Thursday kept its key interest rate stable for the second month in a row even as the country is struggling with soaring inflation.

The bank's monetary policy committee said it had decided to keep the policy rate constant at 50 percent but that it remains highly attentive to inflation risks.

Ahead of the March 31 local elections, the central bank hiked its rate 45 percent to 50 percent as the inflation had become a constant headache for President Recep Tayyip Erdogan's government.

Inflation reached 69.8 percent year-on-year in April -- up from 68.5 percent in March, according to official data published in early May.

The central bank said on Thursday that its monetary policy stance would "be tightened in case a significant and persistent deterioration in inflation is foreseen."

Finance Minister Mehmet Simsek on Wednesday said inflation would start falling down after reaching its peak in May.

"Starting from the summer months, inflation will decline very rapidly," he told Turkish media.

The government this month announced a three-year austerity plan aimed at reducing public spending to calm inflation.

It said it will limit recruitment and transport spending for public servants, among other measures.